Westamerica Bancorporation (NASDAQ:WABC) Sets New 12-Month High – Here’s Why

Shares of Westamerica Bancorporation (NASDAQ:WABC) hit a new 52-week high on Thursday . The stock traded as high as $58.04 and last traded at $57.5040, with a volume of 138855 shares traded. The stock had previously closed at $56.96.

Analyst Ratings Changes

WABC has been the subject of several research reports. Weiss Ratings upgraded Westamerica Bancorporation from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 1st. Keefe, Bruyette & Woods increased their target price on Westamerica Bancorporation from $55.00 to $58.00 and gave the company a “market perform” rating in a research report on Friday, April 17th. Finally, Wall Street Zen downgraded Westamerica Bancorporation from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

Westamerica Bancorporation Price Performance

The stock has a market capitalization of $1.37 billion, a P/E ratio of 12.95 and a beta of 0.56. The firm has a 50-day simple moving average of $54.71 and a 200 day simple moving average of $51.72.

Westamerica Bancorporation (NASDAQ:WABC) last issued its quarterly earnings results on Thursday, April 16th. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05. The company had revenue of $62.08 million during the quarter, compared to analysts’ expectations of $60.70 million. Westamerica Bancorporation had a return on equity of 12.26% and a net margin of 42.08%.

Westamerica Bancorporation Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Monday, May 4th were paid a $0.48 dividend. The ex-dividend date of this dividend was Monday, May 4th. This is a positive change from Westamerica Bancorporation’s previous quarterly dividend of $0.46. This represents a $1.92 annualized dividend and a dividend yield of 3.3%. Westamerica Bancorporation’s payout ratio is currently 42.76%.

Insider Buying and Selling at Westamerica Bancorporation

In other news, SVP Robert James Baker, Jr. sold 759 shares of the stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $53.83, for a total value of $40,856.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Westamerica Bancorporation

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bessemer Group Inc. grew its stake in Westamerica Bancorporation by 42.6% during the first quarter. Bessemer Group Inc. now owns 636 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 190 shares during the period. EverSource Wealth Advisors LLC grew its stake in Westamerica Bancorporation by 19.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,171 shares of the financial services provider’s stock worth $56,000 after purchasing an additional 194 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Westamerica Bancorporation by 0.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 42,725 shares of the financial services provider’s stock worth $2,044,000 after purchasing an additional 201 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in Westamerica Bancorporation by 0.7% during the second quarter. CANADA LIFE ASSURANCE Co now owns 32,377 shares of the financial services provider’s stock worth $1,570,000 after purchasing an additional 213 shares during the period. Finally, Royal Bank of Canada grew its stake in Westamerica Bancorporation by 1.7% during the fourth quarter. Royal Bank of Canada now owns 14,761 shares of the financial services provider’s stock worth $706,000 after purchasing an additional 241 shares during the period. Institutional investors and hedge funds own 81.89% of the company’s stock.

Westamerica Bancorporation Company Profile

Westamerica Bancorporation (NASDAQ: WABC) is a California-based bank holding company that provides a comprehensive suite of commercial banking, trust and wealth management services. Through its primary subsidiary, Westamerica Bank, the company offers deposit products, lending solutions and treasury management to a diverse clientele that includes small and mid-sized businesses, professionals, non-profit organizations and individuals.

The company’s lending portfolio encompasses commercial real estate financing, agricultural loans, equipment financing and lines of credit designed to support working capital needs.